Illegal inducements in insurance sales can mislead clients. Legal ways to promote insurance services include office events, listing represented companies, and mailing brochures.
Illegal inducement to purchase insurance refers to actions that are not allowed and could unduly influence a person to buy insurance. In this scenario, confirming future dividends in a life insurance proposal would be considered an illegal inducement. This is because dividends in life insurance are not guaranteed, so promising them could mislead the client.
On the other hand, inviting prospective clients to the grand opening of the producer's new office, listing the insurance companies the agency represents in a letter, and mailing an agency brochure to a prospective client are all legal and ethical ways to promote insurance services without resorting to illegal inducements.
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